Big Tech leads stocks to broad gains; GameStop collapses

In this photo provided by the New York Stock Exchange, specialist Meric Greenbaum works at a post on the floor, Tuesday Feb. 2, 2021. Stocks were broadly higher in afternoon trading Tuesday, but shares of closely watched companies like GameStop and AMC Entertainment were falling sharply.

The S&P 500 rose 1.4%, extending gains from a day earlier, as investors sized up the latest batch of company earnings reports. Rising crude oil prices and solid earnings results helped lift energy companies, including Exxon Mobil and Marathon Petroleum. Treasury yields rose and the VIX, a measure of fear in the market, fell sharply, a sign volatility was easing.

The S&P 500 index rose 52.45 points to 3,826.31. The Dow Jones Industrial Average gained 475.57 points, or 1.6%, to 30,687.48. The tech-heavy Nasdaq composite climbed 209.38 points, or 1.6%, to 13,612.78. The Russell 200 index of smaller companies also rose, adding 25.28 points, or 1.2%, to 2,151.44. The major indexes remain near their all-time highs set last month.

GameStop plunged 60% to $90 a share, and AMC Entertainment lost 41.2% to $7.82 a share. Both companies have been in the spotlight for more than two weeks as an online community of investors pushed the stocks to astronomical levels.

Yeah, I wonder why they dropped when they change the rules for the little guy?

Where’s the story how trading platforms throttled buying but not selling?

I mean, people can't buy stocks or there are limits. Is it even surprising?

Because literally no one could buy those stocks

Holding them stonks like they can pay my student loans. The hedges have to flinch before I will.

because people cant buy! cash app / axos stopped it! giving perception that more people selling not buying. i cant even buy more! MarketManipulation MainstreamMedia wallstreetbets HoldTheLine HoldAMC holdnok

Wow way to completely miss the real story.

If only someone could have predicted that a pump and dump scheme wouldn’t end well.

Hold the line everyone...we are stronger together and we can force the hand...hold the line. This is our time... they are making their $$$ real quick and glaring at us for doing the same. Hold the line

Doesn’t matter. We now know where the problems are. We can continue to EatTheRich

If you missed out - that is what freedom looks like

Don't sell

cashapp restricted all buys and so individuals couldnt purchase but brokers could trade amongst themselves to drive the price lower. market manipulation! short ladder attack. it'll go back up

Demands high but the supplier (RH) cut off buyers.

Yawnnn

Can’t free trade... what do you expect.

*the enemy of the people

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